Delhivery Q2 results: Revenue jumps 19% YoY; net profit soars to ₹41 crore led by 48% jump in EBITDA

Shares of one of India’s leading logistics companies, Delhivery, closed 2.8% lower ahead of the quarterly earnings release on Friday. The company declared its results for the quarter ended September 2026 after market hours. Logistics and transport companies have largely remained under pressure this year owing to elevated fuel prices and rising operational costs. However, despite that, the company managed to deliver double-digit top-line growth in the quarter, with an improvement in operating margins.

Delhivery Q2FY27 results

For the quarter ended September 2026, the revenue from operations jumped 19% YoY to ₹3,066 crore. The surge was largely driven by a 32.1% increase in express parcel shipments to 325 million. Similarly, the PTL freight tonnage jumped 545K MT, up 14.2%.

At the operating level, ₹123 crore of Adjusted EBITDA jumped 48% YoY, up from ₹83 crore in the same period last year. At the same time, reported EBITDA jumped to ₹205 crore compared to ₹68 crore in the same period last year. The EBITDA margin also expanded from 2.7% in Q2FY26 to 6.7% in Q2FY27.

Lastly, the net profit for the quarter ended September 2026 stood at ₹41 crore, compared to a net loss of ₹51 crore in the same period last year.

What led to the improvement in the earnings?

The company said that Express volumes grew 32% YoY in Q2FY27 and 43% YoY in H1FY27, reflecting continued market share gains and the strength of our value proposition across a broad and diversified customer base. While it remains early to comment on the remainder of Q3FY27, October volumes have exceeded our initial expectations, providing an encouraging start to Q3.

The margin improvement and higher realizations in Express and PTL were mainly driven by the implementation of fuel-linked price increases triggered on account of diesel-rate increases which happened in Q1FY27. We have also successfully concluded price revisions to cover minimum wage inflation in several states in previous quarters.

Delhivery share price performance

Shares of Delhivery have delivered -3% returns in 2026 on a YTD basis and -18% on a trailing twelve-month basis.